Economic's fundamental concern is with the material standard of living of society as a whole and how that is affected by particular decisions made by individuals and institutions.
Consequences matter more than intentions.
Without scarcity, there is no need to economize.
The definition of economics by Lionel Robbins: Economics is the study of the use of scarce resources which have alternative uses.
What does "scarcity" means? It means that what everybody wants adds up to more than there is.
The real constraint and scarcity: People's wants are unlimited and there has never been enough to satisfy everyone completely.
Not only scarcity but also alternative uses are heart of economics.
It is not money but the volume of goods and services which determines whether a country is poverty stricken or prosperous.
No comments:
Post a Comment